Once you've found traction in your home market, it's logical to set your sights on expanding beyond your borders. Most European startups know that their primary market is only their first market, and identifying new markets is crucial to breaking even and beginning to make a profit. But breaking into new markets can put significant strain on a well-established business, let alone a startup.
As a business owner, it's exciting to see your business expand into new countries. On the flip side, international expansion can bring an array of new challenges.Often small businesses wander into global growth by accident. The result of an opportunistic deal in another country. The deal went smoothly, the sales process was similar, and now the sales team is excited by the prospect of expanding into a new market.
I was going through my usual morning ritual; preparing my first cup of coffee (in Italy), checking in with the talented Paula and Simi (based in Romania), preparing for a call with the Indoo.rs team in Vienna, and flipping through the queries on HARO – yes, I can multitask.
Are you considering growing your business and expanding into new markets? Have you thought about the effect growth may have on your business? That growth doesn’t necessarily translate into more profit.
For the past 5 years, I’ve been helping business owners navigate the challenges of growing their companies. Every engagement has been a fascinating and enjoyable experience; I've had a positive impact on many companies, I’ve learned a lot about myself, and I've made some good friends along the way.